SMITHTOWN, N.Y. – Executive Steve Bellone on Tuesday declared a fiscal emergency for Suffolk County, N.Y., after a task force issued a staggering report that warned of a $530 million deficit over three years.

Bellone and county lawmakers worried about the possibility of a state oversight panel, similar to the one in embattled neighboring Nassau County, and some were skittish about the effect of the new findings on the Long Island county’s worsening bond ratings and continued access to the capital markets.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.